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INFORMATION BY OPERATING SEGMENT | 12 Months Ended
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Sep. 30, 2013
Segment Reporting [Abstract] |
INFORMATION BY OPERATING SEGMENT | INFORMATION BY OPERATING SEGMENT All of Laclede Group’s subsidiaries are wholly owned. In the first quarter of fiscal year 2013, the Company retitled its segment names. The Gas Utility segment, previously titled Regulated Gas Distribution, consists of the regulated operations of the Utility and is the core business segment of Laclede Group. The Utility is a public utility engaged in the retail distribution and sale of natural gas serving an area in eastern Missouri, including the City of St. Louis, through Laclede Gas and an area in western Missouri, including Kansas City, through MGE. The Gas Marketing segment, previously titled Non-Regulated Gas Marketing, includes the results of LER, a subsidiary engaged in the non-regulated marketing of natural gas and related activities, and LER Storage Services, Inc., which became operational in January 2012 and utilizes natural gas storage contracts for providing natural gas sales. Other includes Laclede Pipeline Company’s transportation of liquid propane regulated by the Federal Energy Regulatory Commission (FERC) as well as non-regulated activities, including, among other activities, real estate development, the compression of natural gas, and financial investments in other enterprises. These operations are conducted through seven subsidiaries. Other also includes the Utility’s non-regulated business activities, which are comprised of its propane storage and related services. Beginning July 1, 2013, propane-related services were included within Gas Utility operations pursuant to Laclede Gas' most recent rate case. Accounting policies are described in Note 1, Summary of Significant Accounting Policies. Intersegment transactions include sales of natural gas from the Utility to LER, propane storage services provided by the Utility to Laclede Pipeline Company, sales of natural gas from LER to the Utility, and propane transportation services provided by Laclede Pipeline Company to the Utility. Management evaluates the performance of the operating segments based on the computation of net economic earnings. Net economic earnings exclude from reported net income the after-tax impacts of net unrealized gains and losses and other timing differences associated with energy-related transactions. Net economic earnings also excludes the after-tax impacts related to acquisition, divestiture, and restructuring activities.
| Gas Utility |  | Gas Marketing |  | Other |  | Eliminations |  | Consolidated
(Thousands) |  |  |  |
Fiscal 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 847,224 |  |  | $ | 165,146 |  |  | $ | 4,649 |  |  | $ | — |  |  | $ | 1,017,019 |
Intersegment revenues | 10,538 |  |  | 24,185 |  |  | 1,625 |  |  | (36,348 | ) |  | — |
Total Operating Revenues | 857,762 |  |  | 189,331 |  |  | 6,274 |  |  | (36,348 | ) |  | 1,017,019 |
Operating Expenses |  |  |  |  |  |  |  |  |
Gas Utility |  |  |  |  |  |  |  |  |
Natural and Propane Gas | 469,098 |  |  | — |  |  | — |  |  | (35,656 | ) |  | 433,442 |
Other Operation and Maintenance | 180,702 |  |  | — |  |  | — |  |  | (360 | ) |  | 180,342 |
Depreciation and Amortization | 48,283 |  |  | — |  |  | — |  |  | — |  |  | 48,283 |
Taxes, Other than Income Taxes | 60,079 |  |  | — |  |  | — |  |  | — |  |  | 60,079 |
Total Gas Utility Operating Expenses | 758,162 |  |  | — |  |  | — |  |  | (36,016 | ) |  | 722,146 |
Gas Marketing | — |  |  | 176,554 |  | (a) | — |  |  | — |  |  | 176,554 |
Other | — |  |  | — |  |  | 22,157 |  | (b) | (332 | ) |  | 21,825 |
Total Operating Expenses | 758,162 |  |  | 176,554 |  |  | 22,157 |  |  | (36,348 | ) |  | 920,525 |
Operating Income | 99,599 |  |  | 12,777 |  |  | (15,882 | ) |  | — |  |  | 96,494 |
Interest income | 947 |  |  | 103 |  |  | 343 |  |  | (305 | ) |  | 1,088 |
Interest charges | 26,137 |  |  | 135 |  |  | 2,635 |  |  | (305 | ) |  | 28,602 |
Income tax expense | 19,243 |  |  | 5,162 |  |  | (6,827 | ) |  | — |  |  | 17,578 |
Net economic earnings | 56,635 |  |  | 8,936 |  |  | (559 | ) |  | — |  |  | 65,012 |
Total assets | 2,981,016 |  |  | 163,944 |  |  | 115,560 |  |  | (135,134 | ) |  | 3,125,386 |
Capital expenditures | 128,496 |  |  | 44 |  |  | 2,248 |  |  | — |  |  | 130,788 |
Fiscal 2012 |  |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 763,447 |  |  | $ | 358,145 |  |  | $ | 3,883 |  |  | $ | — |  |  | $ | 1,125,475 |
Intersegment revenues | 1,204 |  |  | 15,330 |  |  | 1,042 |  |  | (17,576 | ) |  | — |
Total Operating Revenues | 764,651 |  |  | 373,475 |  |  | 4,925 |  |  | (17,576 | ) |  | 1,125,475 |
Operating Expenses |  |  |  |  |  |  |  |  |
Gas Utility |  |  |  |  |  |  |  |  |
Natural and Propane Gas | 414,846 |  |  | — |  |  | — |  |  | (17,542 | ) |  | 397,304 |
Other Operation and Maintenance | 167,351 |  |  | — |  |  | — |  |  | — |  |  | 167,351 |
Depreciation and Amortization | 40,739 |  |  | — |  |  | — |  |  | — |  |  | 40,739 |
Taxes, Other than Income Taxes | 53,672 |  |  | — |  |  | — |  |  | — |  |  | $ | 53,672 |
Total Gas Utility Operating Expenses | 676,608 |  |  | — |  |  | — |  |  | (17,542 | ) |  | 659,066 |
Gas Marketing | — |  |  | 353,286 |  | (a) | — |  |  | (3 | ) |  | 353,283 |
Other | — |  |  | — |  |  | 2,555 |  | (b) | (31 | ) |  | 2,524 |
Total Operating Expenses | 676,608 |  |  | 353,286 |  |  | 2,555 |  |  | (17,576 | ) |  | 1,014,873 |
Operating Income | 88,043 |  |  | 20,189 |  |  | 2,370 |  |  | — |  |  | 110,602 |
Interest income | 1,230 |  |  | 175 |  |  | 371 |  |  | (467 | ) |  | 1,309 |
Interest charges | 25,156 |  |  | 81 |  |  | 175 |  |  | (467 | ) |  | 24,945 |
Income tax expense | 17,393 |  |  | 7,966 |  |  | 930 |  |  | — |  |  | 26,289 |
Net economic earnings | 48,089 |  |  | 12,273 |  |  | 2,250 |  |  | — |  |  | 62,612 |
Total assets | 1,758,952 |  |  | 190,709 |  |  | 102,241 |  |  | (171,640 | ) |  | 1,880,262 |
Capital expenditures | 106,734 |  |  | 140 |  |  | 1,969 |  |  | — |  |  | 108,843 |
Fiscal 2011 |  |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 911,614 |  |  | $ | 645,042 |  |  | $ | 19,704 |  |  | $ | — |  |  | 1,576,360 |
Intersegment revenues | 1,576 |  |  | 24,333 |  |  | 1,038 |  |  | — |  |  | 26,947 |
Total Operating Revenues | 913,190 |  |  | 669,375 |  |  | 20,742 |  |  | — |  |  | 1,603,307 |
Operating Expenses |  |  |  |  |  |  |  |  |
Gas Utility |  |  |  |  |  |  |  |  |
Natural and Propane Gas | 549,947 |  |  | — |  |  | — |  |  | — |  |  | 549,947 |
Other Operation and Maintenance | 172,938 |  |  | — |  |  | — |  |  | — |  |  | 172,938 |
Depreciation and Amortization | 39,214 |  |  | — |  |  | — |  |  | — |  |  | $ | 39,214 |
Taxes, Other than Income Taxes | 60,752 |  |  | — |  |  | — |  |  | — |  |  | 60,752 |
Total Gas Utility Operating Expenses | 822,851 |  |  | — |  |  | — |  |  | — |  |  | $ | 822,851 |
Gas Marketing | — |  |  | 652,567 |  | (a) | — |  |  | — |  |  | 652,567 |
Other | — |  |  | — |  |  | 9,642 |  | (b) | — |  |  | 9,642 |
Total Operating Expenses | 822,851 |  |  | 652,567 |  |  | 9,642 |  |  | — |  |  | 1,485,060 |
Operating Income | 90,339 |  |  | 16,808 |  |  | 11,100 |  |  | — |  |  | 118,247 |
Interest income | 1,057 |  |  | 165 |  |  | 217 |  |  | (303 | ) |  | 1,136 |
Interest charges | 25,544 |  |  | 14 |  |  | 162 |  |  | (303 | ) |  | 25,417 |
Income tax expense | 18,694 |  |  | 6,570 |  |  | 3,918 |  |  | — |  |  | 29,182 |
Net economic earnings | 46,952 |  |  | 8,962 |  |  | 6,496 |  | (c) | — |  |  | 62,410 |
Total assets | 1,641,386 |  |  | 175,352 |  |  | 129,176 |  |  | (162,832 | ) |  | 1,783,082 |
Capital expenditures | 67,304 |  |  | 215 |  |  | 119 |  |  | — |  |  | 67,638 |
(a) | Depreciation and amortization for Gas Marketing is included in Gas Marketing Expenses on the Statements of Consolidated Income ($0.3 million for fiscal year 2013, $0.3 million for fiscal year 2012, and $0.1 million for fiscal year 2011).
(b) | Depreciation, amortization, and accretion for Other is included in the Other Operating Expenses on the Statements of Consolidated Income ($0.6 million for fiscal year 2013, $0.3 million for fiscal year 2012 and $0.2 million for fiscal year 2011).
(c) | Net economic earnings include income realized by the Utility from separate non-regulated sales of propane inventory no longer needed to serve utility customers, of which occurred in fiscal year 2011. This transaction resulted in after-tax earnings totaling $6.1 million.
Reconciliation of Consolidated Net Income to Consolidated Net Economic Earnings
(Thousands) | 2013 |  | 2012 |  | 2011
Net Income (GAAP) | $ | 52,758 |  |  | $ | 62,640 |  |  | $ | 63,825 |
Unrealized loss (gain) on energy-related derivatives | 614 |  |  | (314 | ) |  | (1,415 | )
Lower of cost or market inventory adjustments | 868 |  |  | — |  |  | — |
Realized (gain) loss on economic hedges prior to the sale of the physical commodity | (25 | ) |  | 163 |  |  | — |
Acquisition, divestiture and restructuring activities | 10,797 |  |  | 123 |  |  | — |
Net Economic Earnings (Non-GAAP) | $ | 65,012 |  |  | $ | 62,612 |  |  | $ | 62,410 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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